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McVay Real Estate says the centre "serves an expansive and growing total trade area population of 225,640, with an annual retail expenditure of $2.71 billion" and that it is a 5ha property producing a net annual income on a fully-let basis of $12,939,854.

A senior Auckland industry executive said he understood a deal had been struck for an Australian business to buy the centre for about $160 million, making it one of the biggest transactions of its kind lately.

In September, the Herald reported how Scentre had put the property on the market via the Australian real estate agency.

Scentre said then it was seeking expressions of interest from potential buyers.

WestCity is the last New Zealand mall fully-owned by Scentre, with about A$31.8 billion ($32.8b) worth of assets here and in Australia.

Scentre still owns 51 per cent of some of New Zealand's biggest malls with a Singaporean government fund. Those are Westfields at Albany, Manukau, Newmarket, St Lukes in Sandringham and Riccarton in Christchurch.